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HomeStart UpNazara's subsidiary acquires 73% stake in Pro Football Network for $1.8mn

Nazara’s subsidiary acquires 73% stake in Pro Football Network for $1.8mn

Nazara Technologies Ltd., a listed gaming startup, announced that its subsidiary Sportskeeda has officially acquired a 73.27% stake in Pro Football Network Inc.

Sportskeeda Inc is a wholly owned subsidiary of Absolute Sports Private Limited, a material subsidiary of Nazara Technologies.

Sportskeeda Inc has acquired the 73.27 percent stake in Pro Football Network Inc. by a mix of primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders at a cash consideration of $1,817,090.67.

“Sportskeeda Inc., a wholly-owned subsidiary of Absolute Sports Private Limited, a material subsidiary of the Company, has completed the acquisition of 73.27% of the Capital Stocks of Pro Football Network Inc., by way of primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders and subsequent exchange of such common stock into preferred stock, at a consideration of USD 1,817,090.67 (One Million Eight Hundred Seventeen Thousand Ninety US Dollars and Sixty Seven Cents), paid in Cash to the Sellers.,” said Nazara Technologies in its regulatory filing.

According to the filing, Sportskeeda owns 73.27 percent of Pro Football Network Inc. Pro Football Network Inc. is now a step-down subsidiary of Absolute Sports Private Limited and a subsidiary of Sportskeeda Inc. 

On Tuesday, Nazara Technologies Ltd announced its subsidiary Nodwin International Pte. Ltd has signed definitive agreements to acquire 51 percent of the share capital of Branded Pte. Ltd for $1.3 million.

With this acquisition, Nodwin International Pte. Ltd. will own IPs of Branded such as Gaming Matters, Sports Matters, Music Matters, and others. Branded also owns and executes a few women-centric IPs, such as It’s a Girl Thing, and produces She Loves Tech in Singapore.

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